SoundHound AI Inc (NASDAQ:SOUN) price on Wednesday, October 23, fall -5.50% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $4.98.
A look at the stock’s price movement, the close in the last trading session was $5.27, moving within a range at $4.86 and $5.24. The beta value (5-Year monthly) was 3.05. Turning to its 52-week performance, $10.25 and $1.49 were the 52-week high and 52-week low respectively. Overall, SOUN moved 1.63% over the past month.
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SoundHound AI Inc’s market cap currently stands at around $1.79 billion, with investors looking forward to this quarter’s earnings report slated for in November.
Analysts have a consensus estimate of 23.02M for the company’s revenue for the quarter, with a low and high estimate of 21.2M and 25.47M respectively. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 82.57M, representing a 80.00% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that SOUN is a 100% Buy. On the other hand, the stock is on average a 100% Buy as suggested by medium term indicators while long term indicators are putting the stock in 100% Buy category.
5 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 4 recommend SOUN as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
SOUN’s current price about 0.67% and 1.84% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 49.59, while 7-day volatility ratio is 7.51% and 5.94% in the 30-day chart. Further, SoundHound AI Inc (SOUN) has a beta value of 3.05, and an average true range (ATR) of 0.31. Analysts have given the company’s stock an average 52-week price target of $8, forecast between a low of $7 and high of $9.5. Looking at the price targets, the low is -40.56% off current price level while to achieve the yearly target high, price needs to move -90.76%. Nonetheless, investors will most likely welcome a -60.64% jump to $8 which is the analysts’ median price.
If we refocus on SoundHound AI Inc (NASDAQ:SOUN), historical trading data shows that trading volumes averaged 24.26 over the past 10 days and 18.16 million over the past 3 months. The company’s latest data on shares outstanding shows there are 358.73 million shares.
The 12.74% of SoundHound AI Inc’s shares are in the hands of company insiders while institutional holders own 24.90% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 78.33 million on 2024-09-30, giving us a short ratio of 6.41. The data shows that as of 2024-09-30 short interest in SoundHound AI Inc (SOUN) stood at 2420.9999 of shares outstanding, with shares short falling to 80.47 million registered in 2024-08-30. Current price change has pushed the stock 134.91% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the SOUN stock continues to rise going into the next quarter.
